Champagne Problems
WMMM #011 - Tips for dealing with a market correction and its attendant layoffs.
Cardinal Initiatives Newsletter Apr 8, 2023 2 min read
Tech layoffs hitting too close to home?
Dealing with Layoffs
The tech world is experiencing a sudden shift, and it's affecting even the smartest and most dedicated individuals. Despite a hiring surge last year, many companies are now facing layoffs, and it's not only the newcomers who are being let go.
As you become more familiar with a company, you become more valuable – you know the ropes, the players, and the processes. So why are companies letting go of their most valuable assets, retaining less-experienced hires instead? The answer is simple: cost-cutting.
Under pressure from shareholders, tech giants have chosen the path of least resistance – headcount reduction. It's a simple, bottom-line-saving move that often overlooks individual contributions. So don't take it personally.
Cyclical Event
We're in the midst of a market correction, a cyclical event that occurs every 7-10 years. The last two downturns, in 2008 and 2001, led to some fantastic opportunities in my career. Embrace the challenge, and make a plan for future economic dips.
For the next 12-18 months, adjust your expectations. You might spend more than you earn and watch your net worth decline, but think of this as investing in your personal growth. Use this time to learn, develop new skills, and become an even more extraordinary version of yourself.
Have a Plan
Begin by evaluating your strengths and areas for improvement. What do you excel at, and where could you grow? Next, seek inspiration from other ambitious people outside your circle. LinkedIn is a treasure trove of personal branding examples and skill development suggestions.
Take note of the skills you'd like to acquire, and start working on them. Follow inspiring LinkedIn users, read their posts, and let their accomplishments motivate you. Allocate time to act on these new insights, and see yourself transform.
Remember to Count your Blessings
During this transition, remember to count your blessings. You're in a coveted position, with highly transferable skills, and part of the top earners worldwide. Journaling can help you stay focused on thankfulness and positive thinking.
When seeking new opportunities, don't dwell on the past. Prepare for the "tough assignment," apply your skills, and make a name for yourself. The money will follow. As for your old employer, let them make their own choices – you're moving forward with a new and improved you.
Summary
In a nutshell, when facing economic downturns:
Keep in mind, it's not personal
Develop a plan for future market fluctuations
Invest in yourself
Seek inspiration and new skills
Cultivate gratitude through journaling
Focus on the new, improved you.
Stay positive and keep growing,
Jeff
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